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Criterion for selection of oilfield development alternatives

UDK: 330.562:622.276
DOI: 10.24887/0028-2448-2019-8-76-79
Key words: oilfield development, alternative choice, economic analysis, taxation, well density
Authors: V.D. Zubareva (Gubkin University, RF, Moscow), A.S. Sarkisov (Gubkin University, RF, Moscow), V.Yu. Khatkov (Gazprom PJSC, RF, Moscow), A.A. Skubriy (Gazprom PJSC, RF, Moscow), A.Kh. Ozdoeva (Gubkin University, RF, Moscow)

One of the most important and high priority issues for the Russian oil and gas industry is the choice of options for the development of oil fields, which ensured compliance with a number of conflicting requirements: rational use and protection of mineral resources; the most complete extraction of hydrocarbon reserves; the need to maximize the budgetary efficiency of the project; ensuring the commercial attractiveness of the field development for the license holder.

As the analysis has shown, the approach proposed in the "Guidelines for the preparation of technical projects for the development of hydrocarbon deposits" to the choice of the development option contradicts the commercial interests of the hydrocarbon deposits and does not allow to maximize the economic efficiency of oil field development. This approach is based on the method of additive coagulation of the vector criterion, which includes normalized coefficients of oil, gas (free, gas cap) and condensate extraction for a cost-effective development period, normalized NPV of the license holder, normalized accumulated discounted income of the government. When determining the integral indicator of all the criteria gives the same weight.

An approach to the selection of oilfield development options based on the criteria of the maximum public net present value of the project is proposed. As a tool to stimulate the license holder to choose this option, a correction factor for reducing the rate of oil production tax is used. When the license holder selects the optimal option from the point of view of public efficiency, the adjusted rate should ensure that the license holder receives the same NPV as in the optimal variant for him. The application of this approach allows to increase the oil recovery rate and budget efficiency of the project.

References

1. Metodicheskie rekomendatsii po otsenke effektivnosti investitsionnykh proektov (Methodical recommendations according to efficiency of investment projects), Moscow: Publ. of Ministry of Economics RF, Ministerstvo finansov RF, 2008, 221 p.

2. Zubareva V.D., Sarkisov A.S., Andreev A.F., Tekhniko-ekonomicheskiy analiz neftegazovykh proektov: effektivnost' i riski (Technical and economic analysis of oil and gas projects: efficiency and risks), Moscow: Publ. of Gubkin University, 2018, 280 p.

3. Sarkisov A.S., Tekhnologiya strategicheskogo upravleniya (Strategic management technology), Moscow: Pechatnyy Dvor Publ., 2001, 312 p.

4. Duvigneau J.C., Prasad R.N., Guidelines for calculating financial and economic rates of return WBG for DFC projects, 1984, 171 p., URL: http://documents.worldbank.org/curated/en/567991468782148724/Guidelines-for-calculating-financial-an...

5. Zheltov Yu.P., Razrabotka neftyanykh mestorozhdeniy (The oil fields development), Moscow: Nedra Publ., 1986, 332 p.

One of the most important and high priority issues for the Russian oil and gas industry is the choice of options for the development of oil fields, which ensured compliance with a number of conflicting requirements: rational use and protection of mineral resources; the most complete extraction of hydrocarbon reserves; the need to maximize the budgetary efficiency of the project; ensuring the commercial attractiveness of the field development for the license holder.

As the analysis has shown, the approach proposed in the "Guidelines for the preparation of technical projects for the development of hydrocarbon deposits" to the choice of the development option contradicts the commercial interests of the hydrocarbon deposits and does not allow to maximize the economic efficiency of oil field development. This approach is based on the method of additive coagulation of the vector criterion, which includes normalized coefficients of oil, gas (free, gas cap) and condensate extraction for a cost-effective development period, normalized NPV of the license holder, normalized accumulated discounted income of the government. When determining the integral indicator of all the criteria gives the same weight.

An approach to the selection of oilfield development options based on the criteria of the maximum public net present value of the project is proposed. As a tool to stimulate the license holder to choose this option, a correction factor for reducing the rate of oil production tax is used. When the license holder selects the optimal option from the point of view of public efficiency, the adjusted rate should ensure that the license holder receives the same NPV as in the optimal variant for him. The application of this approach allows to increase the oil recovery rate and budget efficiency of the project.

References

1. Metodicheskie rekomendatsii po otsenke effektivnosti investitsionnykh proektov (Methodical recommendations according to efficiency of investment projects), Moscow: Publ. of Ministry of Economics RF, Ministerstvo finansov RF, 2008, 221 p.

2. Zubareva V.D., Sarkisov A.S., Andreev A.F., Tekhniko-ekonomicheskiy analiz neftegazovykh proektov: effektivnost' i riski (Technical and economic analysis of oil and gas projects: efficiency and risks), Moscow: Publ. of Gubkin University, 2018, 280 p.

3. Sarkisov A.S., Tekhnologiya strategicheskogo upravleniya (Strategic management technology), Moscow: Pechatnyy Dvor Publ., 2001, 312 p.

4. Duvigneau J.C., Prasad R.N., Guidelines for calculating financial and economic rates of return WBG for DFC projects, 1984, 171 p., URL: http://documents.worldbank.org/curated/en/567991468782148724/Guidelines-for-calculating-financial-an...

5. Zheltov Yu.P., Razrabotka neftyanykh mestorozhdeniy (The oil fields development), Moscow: Nedra Publ., 1986, 332 p.



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